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Ocwen Chairman Forced Out In $150M NY Servicing Settlement

Ocwen Financial Corp. Executive Chairman William C. Erbey on Monday stepped down from his position atop the nation’s fourth-largest mortgage servicer due to allegations of “serious conflicts of interest” turned up by New York financial regulators as part of a broader $150 million settlement with the state.

  • UK To Criminalize Rate-Rigging After Libor, Forex Scandals

    The U.K. on Monday pushed forward with efforts to criminalize manipulation of additional key benchmark rates while bringing the regulation of such rates under the auspices of the country’s Financial Conduct Authority.

  • Alstom Pays $772M In Record FCPA Settlement

    French conglomerate Alstom SA has agreed to plead guilty and pay $772 million to settle charges it bribed government officials in Indonesia and elsewhere to win business, marking the largest-ever penalty in a Foreign Corrupt Practices Act case, U.S. officials said Monday.

  • Judge Slaps Down HP's 3rd Try At Autonomy Settlement

    A California federal judge on Friday rejected Hewlett Packard Co. shareholders’ third attempt at a settlement in their derivative suit over HP's disastrous $11.1 billion Autonomy Corp. acquisition, ruling the deal’s potential release of claims was still far too broad. 

  • Wells Fargo Owes $55M In Mortgage Late Fee Suit, Jury Says

    A New York federal jury on Friday decided Wells Fargo & Co. owes $54.8 million in a class action accusing mortgage companies previously owned by Wells Fargo’s Wachovia Corp. of slapping borrowers with unlawful fees, defendants’ counsel confirmed, although plaintiffs had sought roughly $629 million.

  • MetLife Poses Potential Stability Threat, Regulators Say

    MetLife Inc. is so big that its collapse or major financial troubles could cause significant damage to the broader economy, justifying the life insurance giant's designation as a systemically important financial institution subject to Federal Reserve oversight, a panel of U.S. regulators said in a report released Friday.